Renting to retired people

6 Replies

Just put a property up for rent. This is my first time renting and have a few retirees interested. How do you verify income? Its assumed they would get social security. Does the application process on a site like Zillow do the credit report and background checks have more information in them like that? I know this seems very stupid to ask but I had to try. Thanks.

You have to treat them like everyone else. They can provide proof from the VA or Social Security or Pension or even just get a balance from their IRA/401K and bank statements to verify disbursement. I use an investigation company that does a more comprehensive check not just the instant credit/background. You should personally verify the income and then use a service to pull background and credit.

Credit and background checks will not provide income verification. I check on past landlord history and have applicants provide verification of income -- bank statements showing direct deposits, statement of pension benefits, or signed employer verification form if still working, and contact landlords and employers before I have applicant pay tenant screening service directly for credit/background check. Those on fixed income may not be amenable to any future rent increases, so it can become a problem if they want to stay long term in an area with increasing rents, but may be welcome in established area where you just want longer-term stability. Some states, like VA, have added protections for elderly in addition to normal fair housing, so check to make sure you're acting in line with local/state laws as well.

Most of my tenants are retirees the problem is they are in their early 30’s and probably never worked a day in their lives lol ask to see bank statements if they don’t have a w2 job 

Originally posted by @Dennis M. :

Most of my tenants are retirees the problem is they are in their early 30’s and probably never worked a day in their lives lol ask to see bank statements if they don’t have a w2 job 

 This gave me a laugh

Most of my tenants are retirees. The problem is that they are in their early 30s and may never have worked in their lives for a while. Ask to check the bank statement if they are not working.